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Forex pairs in this Article » EUR/USD (Barcelona) - The EUR/USD is having a tough time deciding whether to break higher or lower following the German election and ahead of data later today.

European and US data to drive the action for the rest of the session

After the German election results produced a resounding thud in terms of meaningful movement for the EURUSD Monday morning, traders now will turn their attention to European and US data as well as news flow out of Washington, D.C.

Traders will get to digest manufacturing PMI from Germany, Europe and the US as well as the Chicago Fed National Activity Index in the US. Additionally, “Fed heads” Dudley and Lockhart will be giving speeches.

Technical outlook for EUR/USD

Technicians say the EUR/USD must close on a 10-minute basis above 1.3534 to turn the intra-day pattern more bullish. Longer-term, they say the cross may end up at around 1.3620 – 1.3640 before the current upside move runs its course. They say dips to 1.3417 (the 8/20 close) – if they occur – can be bought.
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